Yesterday, multiple A-list celebrities filed objections to The Weinstein Co. asset sale. The bankrupt film studio is currently accepting bids for all of its assets, however many major Hollywood names say they are owed a piece of the Weinstein pie. An auction of The Weinstein Co. officially takes place this Friday.
One of the biggest claims to the crumbling Weinstein empire is director Quentin Tarantino, who claims he’s owed millions of dollars in royalties.
“By and through the Sale Motion and the Notice of Assumption, the Debtors assert that there are no defaults to cure in order to assume the Agreements,” writes Tarantino’s lawyers. “[H]owever, there are numerous uncured monetary and non-monetary defaults under the Agreements that must be cured as a condition to any assumption or assignment of the Agreements.”
Tarantino is not alone. Jennifer Lawrence, Brad Pitt, Meryl Streep, George Clooney, Leonardo DiCaprio, Jake Gyllenhaal, Bill Murray, Julia Roberts, Rachel McAdams, and Stephen King have all filed limited objections to The Weinstein Co. sale.
New York Attorney General Eric Schneiderman issued an open letter yesterday reminding bidders to establish separate funding to compensate the committee of unsecured creditors, which represents the victims of Harvey Weinstein’s sexual misconduct.
“Bidders should propose bid enhancements that set aside financial resources to compensate and provide support services for injured employees and industry talent, both of whom are essential to the company’s future success,” Schneiderman wrote. “Bid enhancements also should include nonmonetary terms that protect future employees and contractors and avoid rewarding wrongdoers.”
Harvey Weinstein isn’t missing an opportunity to cash-in on his once-acclaimed studio, with his lawyers submitting an objection on behalf of their disgraced client, writing, “In this case, the Debtors are attempting to sell assets free and clear of any interest at the earliest stage of their bankruptcy cases and the Court should carefully scrutinize the Debtors heightened burden of proving the elements necessary for authorization, i.e., that the debtor’s estate has an interest in the assets to be sold, because the timing and pace of the proposed sale could trample the rights of parties that are the actual owners of property the Debtors purport to sell.”
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